Melco Crown’s FVE Maintained at USD 17.00 Per Share; Studio City Ramped Up Faster in Q3
We maintain our fair value estimate for Melco Crown at USD 17.00 per share, and our narrow moat rating is also unchanged. In the third quarter, Melco Crown’s adjusted EBITDA (including corporate and other expenses) rose 20% sequentially, helped by the faster ramp-up at Studio City and higher VIP win rate at City of Dreams Manila. Disregarding the worse luck, City of Dreams’ underlying performance was also good and did not seem to lose business to new casinos. However, the result does not fully r...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.